The Hidden Costs of Owning a Car
There’s so much more to owning a car than monthly payments on a loan or lease! Also consider these costs when it comes to owning a car.
Gas
The amount you spend on fuel will fluctuate along with gas prices and varies by vehicle, location, and how much you drive. Expect to spend $150-300 a month on fuel.
Insurance
This also varies according to a number of factors. The average cost of auto insurance in the U.S. is $140/month.
Maintenance
New cars cost an average of $1 in maintenance for every 10 miles. Older cars can cost an average of $1,000 a year in maintenance costs. This, of course, varies by vehicle and its condition when purchased. Maintenance includes oil changes, tire rotations, brake pad replacements and more.
